Rupert Murdoch Is Stepping Down From Fox & News Corp.
21.09.2023 - 13:25
/ justjared.com
Rupert Murdoch is stepping down.
Fox Corp. and News Corp. confirmed Thursday (September 21) that the 92-year-old media mogul would step aside as chairman, effective as of the annual meetings for his companies in November, via THR.
His son, Lachlan Murdoch, will continue to lead the two companies. Rupert is estimated to be worth over $17 billion, as of September 2023.
Keep reading to find out more…
“On behalf of the Fox and News Corp boards of directors, leadership teams, and all the shareholders who have benefited from his hard work, I congratulate my father on his remarkable 70-year career,” he said in a statement.
“We thank him for his vision, his pioneering spirit, his steadfast determination, and the enduring legacy he leaves to the companies he founded and countless people he has impacted. We are grateful that he will serve as Chairman Emeritus and know he will continue to provide valued counsel to both companies.”
Rupert wrote a letter to employees about the decision, which you can read inside, via THR.
Dear Colleagues,
I am writing to let you all know that I have decided to transition to the role of Chairman Emeritus at Fox and News. For my entire professional life, I have been engaged daily with news and ideas, and that will not change. But the time is right for me to take on different roles, knowing that we have truly talented teams and a passionate, principled leader in Lachlan who will become sole Chairman of both companies.
Neither excessive pride nor false humility are admirable qualities. But I am truly proud of what we have achieved collectively through the decades, and I owe much to my colleagues, whose contributions to our success have sometimes been unseen outside the company but are deeply